OPEC nations pumped slightly more crude in September as Libya’s biggest oil field returned to production.
OPEC moved on Monday to cap Nigerian oil output and called on several members to boost compliance with production cuts to help clear excessive global stocks and support flagging prices.
OPEC boosted its oil production in May as output recovered in Libya and Nigeria, two countries exempt from the group's recent deal to curb global supplies, new data shows.
With a new funding arrangement for the joint ventures with international oil majors, Nigeria expects its crude oil production to rise to 2.5 million bpd by 2019, from 2.2 million bpd capacity now.
Oil on water levels have reduced by as much as 17% since the beginning of the year according to new figures generated by Vortexa, a newly launched analytics platform focused on the oil markets.
The agreement by the oil producing nations to cut about 2 million barrels of crude oil off the market commenced yesterday giving hopes for commodity-reliant nations like Nigeria of more revenue in 2017.
The oil industry appears to be ready to open its wallet after two years of slashing investments, BMI Research, a Fitch rating company said. This came on the hopes raised in the global market over Organisation of Petroleum Exporting Countries, OPEC, group reaching an accord last week on production cut back to boost revenue.
Secretary-General of Organisation of Petroleum Exporting Countries (OPEC), Mohammad Sanusi Barkindo, has declared his support for Nigeria’s ongoing efforts to diversify the economy and expanding the agricultural sector.
OPEC said the U.K.’s vote to leave the European Union could curb global economic growth next year, notably in Europe, where the risk is that demand for oil could fall.
The Organization of Petroleum Exporting Countries produced nearly 32.9 million barrels of oil a day in June, according to its monthly statistical bulletin.